Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis were as follows:



	December 31, 2019								December 31, 2018
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets
Investments
Equity securities^(a)	$	54.8	$	54.8	$	—	$	—	$	40.4	$	40.4	$	—	$	—
Money market fund	1.5		—		1.5		—		1.6		—		1.6		—
Stable value fund^(b)	2.1		—		—		—		0.5		—		—		—
Held to maturity	71.9		—		71.9		—		20.0		—		20.0		—
Derivative financial instruments
Synthetic bonds - call option premium	4.3		—		4.3		—		9.2		—		9.2		—
Foreign exchange contracts	137.1		—		137.1		—		104.8		—		104.8		—
Assets held for sale	25.8		—		—		25.8		9.6		—		—		9.6
Total assets	$	297.5	$	54.8	$	214.8	$	25.8	$	186.1	$	40.4	$	135.6	$	9.6
Liabilities
Redeemable financial liability	$	268.8	$	—	$	—	$	268.8	$	408.5	$	—	$	—	$	408.5
Derivative financial instruments
Synthetic bonds - embedded derivatives	4.3		—		4.3		—		9.2		—		9.2		—
Foreign exchange contracts	189.7		—		189.7		—		174.1		—		174.1		—
Liabilities held for sale	9.3		—		—		9.3		16.2		—		—		16.2
Total liabilities	$	472.1	$	—	$	194.0	$	278.1	$	608.0	$	—	$	183.3	$	424.7


(a)	Includes fixed income and other investments measured at fair value.

(b)

Certain investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.

Schedule of changes in fair value of level 3 mandatorily redeemable financial liabilities

Change in the fair value of our Level 3 mandatorily redeemable financial liability is recorded as interest expense on the consolidated statements of income and is presented below:



	Year Ended December 31,
(In millions)	2019			2018			2017
Balance at beginning of period	$	408.5		$	312.0		$	174.8
Less: Expenses recognized in net interest expense	(423.1		)	(322.3		)	(293.7		)
Less: Settlements	562.8			225.8			156.5
Balance at end of period	$	268.8		$	408.5		$	312.0

Schedule of fair value of debt

The fair value of our Synthetic Bonds, Senior Notes and private placement notes are as follows:



	December 31, 2019				December 31, 2018
(In millions)	Carrying Amount ^(a)		Fair Value ^(b)		Carrying Amount ^(a)		Fair Value ^(b)
Synthetic bonds due 2021	$	492.9	$	513.1	$	490.9	$	532.4
3.45% Senior Notes due 2022	500.0		499.2		500.0		489.7
5.00% Notes due 2020	224.6		230.0		229.0		244.0
3.40% Notes due 2022	168.5		180.6		171.8		186.9
3.15% Notes due 2023	146.0		156.8		148.9		161.3
3.15% Notes due 2023	140.4		150.5		143.1		153.3
4.00% Notes due 2027	84.2		96.4		85.9		95.8
4.00% Notes due 2032	112.3		127.8		114.5		120.2
3.75% Notes due 2033	112.3		123.8		114.5		126.1


(a)	Carrying amounts include unamortized debt discounts and premiums and unamortized debt issuance costs of $9.1 million and $11.4 million as of 2019 and 2018, respectively.

(b)

Fair values are based on Level 2 quoted market rates.